Why The Increasing Craze Of Purchasing Metaverse Land?
The term ‘Metaverse’ is gaining popularity at a rapid pace, according to some surveys it is the ‘Biggest Tech Trend’ of 2022. For the unversed, Metaverse is a form of internet, comprising of shared three-dimensional virtual spaces, all connected in a novel virtual word. The term ‘Meta’ stands for ‘beyond’ and ‘verse’ is short for ‘universe’. Metaverse is a virtual universe that can be accessed independently bya as many users, people can make their own ‘avatars’ and build a life including friends and family, all virtually. Interestingly, in Metaverse, real actions, movements and communications of users are seamlessly morphed into their virtual avatars. The most recent fad catching pace in this virtual and augmented reality is ‘buying property’. Trends suggest that people are keen on buying digital property and are splurging huge amounts just to get a small piece of land that they can’t even touch, leave alone physically visiting. Notably, buying a small plot of around 1,000 square feet can cost up to as much as 1.52 crores in metaverse. One of the major factors driving this increasing craze is the promise of an exclusive experience. Metaverse enables people to experience things that they can’t in the real world for example in Metaverse they can buy a property next to the celebrities of their choice and live there in form of their avatars. Recently, world renowned rapper Snoop Dogg too brought a place in Metaverse and christened it ‘Snoopverse’, consequently a person paid a whooping Rs 3.43 crores to be his neighbour in the virtual world. According to the predictive analysis firm NOW.ai, as much as $100 million has been poured into buying metaverse land. According to Tim Sweeney, the CEO of Epic Games- Fortnite, Metaverse has the potential to become a multi-trillion-dollar part of the world economy. Citing the craze around digital real estate and the potential of Metaverse, some of the top notch realty players have also ventured into the space now. Despite the rising interest in the virtual Metaverse land, there is a range of risks surrounding this virtual property buying. The most crucial of all is that if the Metaverse folds, all the money as well as the land goes with it. Since the land is not physically present one cannot make any benefit out of it, so buying land in Metaverse should only be a choice for those with deep pockets. Equating digital real estate to the physical is also not an easy task, majorly because the value that apply to the real-world properties don’t apply in the virtual worlds, implying that the value of the virtual property may never rise. Experts also state that land in Metaverse is mere cypto asset, always laced with risk. Also, physical real estate fluctuates slowly but Metaverse realty can change at any moment with just a click of a button. So it’s always full of speculations and worrisome factors. This year, the overall crypto market is on a downward trajectory, so the speculations are towards the negative side. In addition to this, making a calculative choice is also difficult because finding out which Metaverse platform is going to fizzle out and which one will gain. The popular Metaverse platforms, however, is full of luring options making it all the more difficult for buyers to make a well informed choice. Buying property in Metaverse, therefore, may prove beneficial for people who have surplus amounts and not for those who are looking to invest or make money from real estate.
Tags : Anoop Kumar Bhargava CEO and Director Empire Centrum Metaverse Biggest Tech Trend’ Purchasing Metaverse Land Snoopverse Tim Sweeney the CEO of Epic Games- Fortnite Metaverse